Hire Purchase (HP) representative example
Based on a cash price of €21,000 with a €5,250 deposit total, borrowing €15,750 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€318.98
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€393.98
- Cash price:
€21,000.00
- Customer deposit:
€5,250.00
- Total deposit:
€5,250.00
- Amount of credit:
€15,750.00
- Total amount payable:
€24,538.80
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%